Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Peer to Peer: Election Season
Which political party is best suited to support chiropractic? Let's see what some of your peers think:
"The Democrat Party has been more helpful to chiropractors and their patients over the past 30 years than the Republican Party," said Dr. Richard Cole of Memphis, Tenn. "Based in part on their philosophy of taking care of the 'little man,' they tend be more inclusive, allowing chiropractors broad access to patients and ensuring that insurance companies pay for the care. They are less inclined to take care of large corporations (insurance companies) and like to see patients have more options."
Dr. Robert Smith of Easton, Pa., countered: "Unfortunately, more often Republican politicians are not as supportive of our profession as Democrats. However, from a reimbursement standpoint ... the Republican Party has better long-term economic and free-market solutions to help the profession."
In a recent ChiroPoll on the same topic, voters gave Republicans a slight edge over Democrats (33 percent vs. 27 percent), followed by the Libertarian and Green parties (10 percent; 7 percent). However, one in four voters cast a "None of the Above" vote.